JP Morgan news today is Interesting, The wall Street journal released a report of the Largest Bank of US , JP Morgan has now started providing banking services to popular crypto exchanges coinbase and gemini
J P Morgan once used to criticize the bitcoin module, recently leaped its interests towards blockchain technology and cryptocurrencies. It also happened to Launch its own cryptocurrency, JPM coin and developing Quorum, an financial enterprise software platform for blockchain based services.
In Addition to this Cash Management services, an Automated clearing network system will be used to process the Withdrawals and Deposits via wire transfer.
It’s a Big Move at this time.
The Process is heard to be on regulatory desks of JP Morgan from a very long time, it was in April 2020 the accounts were approved and opened.
It is one of a Kind that no Banks or Financial Institutions have entertained cryptocurrency to this level, as its is said to be a risky association.
This is already all over the Finance and Crypto industry labels and is anticipated open up new opportunities for bitcoin trading and cryptocurrency services.
In a Tweet by Mason Borda , he revealed that this isnt the first of its kind, the bank previously adopted token soft in 2017. This collaboration was to
Why Coinbase and Gemini ?
Coinbase and Gemini both have very satisfactory regulations that can match up the legal technical and Fundamental requirements.
Both the exchanges own licenses to transmit money in various states and also work under the BitLicense framework by NYDFS .
Gemini recently successfully qualified a Service Organization Control (SOC) 1 – new Security badge by passing review by 4 Big Accounting firms including Deloitte.
Coinbase on the other holds record of two badges of the same Service Organization Control (SOC) 1 and Service Organization Control (SOC) 2 passing review by 4 Big Accounting firms including Grant Thornton